CIA.CSOP

Question 1

Define Claim Liability

Answer 1

PV (claims, related expenses, taxes) @ B/S date that were incurred before B/S date + PfAD

Question 2

Define Prem Liability

Answer 2

{[PV of CFs (clms, related expenses, taxes, premium devlpt) – DPAE] +PfAD} @ B/S date incurred after B/S date on policies in-force on/earlier than B/S date